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Is assignment the same as selling?

When a Seller assigns a property, they arent actually selling the property (because they dont own it yet) they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.

Is assignor still liable after assignment?

The assignor normally remains liable unless there is an agreement to the contrary by the other party to the contract. The effect of a valid assignment is to remove privity between the assignor and the obligor and create privity between the obligor and the assignee.

What is assignment property?

A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date. The buyer can transfer the contract for any price, even for a higher price than they paid for the property. In theory, the new buyer is buying a resale of a previous presale.

What does it mean to sell on assignment?

An assignment is a sales transaction where the original buyer of a property (the assignor) allows another buyer (the assignee) to take over the buyers rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property)

Do I have to pay HST on assignment Sale in Ontario?

Where an assignment agreement is entered into before May 7, 2022, and the assignment sale is taxable, the total amount payable for the sale of the assignors interest to the assignee is subject to the GST/HST, including any amount the assignor paid as a deposit to the builder, whether or not such an amount is

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